Tamara: Saudi Arabia’s FinTech Unicorn

Buy now, pay later (BNPL) platform Tamara has become Saudi Arabia’s first fintech unicorn after closing a $340m series C round. With a valuation of $1bn, the funding gives the company a “transformative leap in an underpenetrated and underserved sector,” said Tamara on LinkedIn. The funding follows a $150m debt financing round earlier this year. In an interview with PYMNTS last year, Tamara CEO Abdulmajeed Alsukhan said the company was focused on increasing customer engagement and financial inclusion in the MENA region. Research from PYMNTS has shown that consumers are using BNPL for cash flow management and to preserve credit lines.